The equity accounts for Kalimantan Corp. showed the following balances on December 31, 2013:
Preferred shares, $2 non-cumulative,
Unlimited shares authorized ............................................................................ $ -0-
Common shares, unlimited shares authorized,
100,000 shares issued and outstanding .......................................................... 640,000
Retained earnings............................................................................................... 864,000
The company completed these transactions during 2014:

Required
1. Prepare General Journal entries to record the transactions and closings for 2014.
2. Prepare the statement of changes in equity for the year ended December 31,2014.

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Jan. 10 15 Issued 20,000 common shares at $9.60 cash per share The directors declared a 10% share dividend to the January 30 shareholders of record, distributable on February 15. The market price of the shares on january 15 was 59.80 Distributed the share dividend 15 Mar 2 The directors declared a $1.20 per share cash dividend payable on March 31 to the March 15 shareholders of record Paid the dividend declared on March 2 The directors announced a 3:1 share split to the April 20 shareholders of record. The shares were trading just prior to the announcement at $10.00 per share Issued 12,000 preferred shares at $20.00 per share The board of directors declared total dividends of $182,400 payable December 15, 2014 Paid the dividends declared on December1 Closed the $1,160,000 credit balance in the Income Summary account. Closed the Cash Dividends account. 31 10 Apr. Nov. Dec 11 1 15 31 31